Search form

Search form

Gary Gensler, chairman of the Commodity Futures Trading Commission, called the Senate's bill to overhaul financial regulation a "strong product" but did not lend his support to a proposal that would force banks to divest their swaps operations. Gensler declined to directly comment on the controversial proposal. "I know I'm not answering your question," he said. "There's a perverse outcome of this crisis, that somehow the markets perceive that in the next crisis, these large financial institutions, the taxpayers will stand behind them. And we have to sever that belief."

Related Summaries

Public school children in Pennsylvania are required to be vaccinated against conditions such as measles, polio, chickenpox and tetanus, but exemptions are allowed for families with a "strong moral or ethical conviction similar to a religious belief." The state currently is offering free measles vaccines.

Gary Gensler, chairman of the Commodity Futures Trading Commission, called the Senate's bill to overhaul financial regulation a "strong product," but he did not lend his support to a proposal that would force banks to divest their swaps operations. Mr. Gensler declined to directly comment on the controversial proposal. "I know I'm not answering your question," he said. "There's a perverse outcome of this crisis, that somehow the markets perceive that in the next crisis, these large financial institutions, the taxpayers will stand behind them. And we have to sever that belief."

Gary Gensler, chairman of the Commodity Futures Trading Commission, called the Senate's bill to overhaul financial regulation a "strong product" but did not lend his support to a proposal that would force banks to divest their swaps operations. Gensler declined to directly comment on the controversial proposal. "I know I'm not answering your question," he said. "There's a perverse outcome of this crisis, that somehow the markets perceive that in the next crisis, these large financial institutions, the taxpayers will stand behind them. And we have to sever that belief."

Gary Gensler, chairman of the Commodity Futures Trading Commission, is pushing for regulation of the over-the-counter derivatives market. "Some opponents of reform ... would say this really wasn't at the center of the crisis, the crisis was about mortgage-underwriting practices, the crisis was about not enough capital in the banks and so forth," Mr. Gensler said. "But I believe that the over-the-counter derivatives marketplace was in fact part and parcel to this crisis."

Gary Gensler, chairman of the Commodity Futures Trading Commission, is pushing for regulation of the over-the-counter derivatives market. "Some opponents of reform ... would say this really wasn't at the center of the crisis, the crisis was about mortgage underwriting practices, the crisis was about not enough capital in the banks and so forth," Gensler said. "But I believe that the over-the-counter derivatives marketplace was in fact part and parcel to this crisis."